July Wheat - 1 to 3 Higher
July Corn - Steady
Dec Corn - 1 to 2 Higher
July Soybeans - 1 to 3 Higher
July Soybeans Broke up out of the triangle at 1731 last night, hit a high of 1758 today and settled right on support in the 1740 area. This is a fairly critical area to hold for the bulls. There is a smaller chance beans trade down to 1730 briefly and reverse hard back up. Things always become a little hazy around report time - we are all so accustomed to being messed with - how will they fool us this time?
I am looking for another small leg up in July Corn up to 784-790 - leaning more towards 790. The translation for Dec Corn would be from 734-739. Please see the July Corn chart here showing the breakdown lower from the channel, high volume stopping day, reversal back up into channel, and uptrend legs (in order from left to right.)
July Wheat is acting like a bigger ship as it is taking time to get going up after the solid bottom on June 1. Nevertheless, wheat should continue stairstepping upwards.
July Crude Oil Update: As expected, oil broke upside from it's trading range and marked a high of 123.18 (shy of 124) around noon-time and then backed off to 121.88 into the daytime (pit) close. I am looking for further backfill to 121.75-121.50 - and then another small upleg.
The first leg out of the range from yesterday was roughly +3.75 points. Therefore we are looking for another leg of similar length starting from 121.75 + 3.75 = 125.50. Small stairstepping - the most stable kind of bull market, until it isn't.
Less likely but possible, is a bigger pattern forming that makes today or tomorrow (a higher high) a temporary top with a down target in the 110 area. In fact, both scenarios could be correct - will have more clarity by tomorrow.
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